Mylan First Quarter Profit up 8%, Eyeing Acquisitions
CANONSBURG, Pa. (AP) — Mylan's first-quarter net income rose about 8 percent, and the generic drugmaker said Thursday that it is still hunting for acquisitions and it expects to pull off a "substantial transaction" this year.
The Canonsburg, Pennsylvania-based company has been pursuing Swedish pharmaceutical company Meda. But Meda said Monday that it had rejected Mylan's latest buyout offer.
Mylan CEO Heather Bresch said Thursday in a statement announcing the company's first quarter that Mylan is still exploring a number of possible deals. She did not offer details.
In the January-March period, Mylan earned $115.9 million, or 29 cents per share. That compares with $106.9 million, or 27 cents per share, in last year's quarter.
Adjusted results totaled 66 cents per share, which topped analyst expectations by 2 cents.
Revenue rose 5 percent to about $1.72 billion. Analysts forecast $1.79 billion, according to FactSet.
Bresch said the quarter's performance "slightly exceeded" the company's expectations.
Mylan shares were inactive in premarket trading. They have gained 17 percent this year.